An Overview of Personal Loans

With the economy in such dire straits, many people are looking to different types of loans to take care of their bills while searching for second jobs. Personal loans are loans made directly to the borrower from a bank or lending house. Covering everything from medical bills to credit cards to student loans, these loans are helping people get what they need, when they need it. While there are many different types of personal loans, the can all be categorized as one of two different types: secured and unsecured. Which type of loan you get is dependent on what you will be using the money for. Some loans are available in both secured and unsecured options, while others are only found as one or the other.

Secured personal loans are provided by specific lenders, and have their repayment secured by a physical item. This is how they get their classification. The two most common types of secured loans are home mortgages and car loans. The loans are made specifically for a single purchase. This purchase is repaid in set amounts every month over the length of the loan. If payments are ceased, the lender repossesses the item – the car or the house – in lieu of payment. In contrast, Unsecured Personal Loans are the more common and the more recognizable. Unsecured loans cover a vast majority of ground, from store lines of credit to student loans to medical bills. Once these loans are issued, they can be used for a range of items and services. In addition, many unsecured loans have variable interest rates that can change monthly or annually.

For people who need extra money to pay for a car or a college education, personal loans are available to help fund their needs lenders are available for all credit situations.

UPDATE 1-Fixing FX rate for CHF mortgages may be "disastrous": Polish finmin

* Finmin against freezing CHF-zloty rate for mortgage holders

* Could be disastrous for the homeowners-Szczurek

* Poles waiting for CHF reaction after ECB decision (Adds quotes and background)

By Noah Barkin

DAVOS, Jan 22 (Reuters) - Aiding Swiss franc-denominated mortgage holders by fixing their exchange rate at, for example, Decembers level could be disastrous for the homeowners, Polands Finance Minister Mateusz Szczurek said on Thursday.

The Polish Banks Association head said earlier this week some banks were working on a proposal to freeze Swiss franc-denominated mortgage installments at the francs December rate, in a reaction to a 20-percent Swiss franc...

Wisconsin firms serving ‘wealthy lifestyles’ received millions in SBA loans

By Adam Tobias | Wisconsin Reporter

WAUKESHA, Wis. -- A Wisconsin golf course that has filled all of its membership openings for the past three years is getting millions in financial assistance from a government program created to help small businesses expand and survive economic hardships.

Vernon Golf Club, owner of the Morningstar Golfer's Club, has secured a $4.1 million loan through the US Small Business Administration, becoming the third Wisconsin firm "serving wealthy lifestyles" to receive more than $1.7 million through the federal agency since 2007.

During that same time, the SBA has guaranteed about $67 billion in borrowing to businesses nationwide that...

Kennedy Funding Financial Completes $1.775 Million Financing in Mississippi

LONG BEACH, Miss., Jan. 20, 2015 /PRNewswire/ --Kennedy Funding Financial LLC has closed a $1.775 million loan backed by a 209-acre development site in Long Beach, MS, announced Gregg Wolfer, Chief Operating Officer of the Englewood Cliffs, NJ-based direct private lender. The two-year, interest-only funding was obtained by Castine Pointe, LLC.

The lender was Castine Pointe Lender, LLC.

Known as Castine Pointe, the undeveloped property was acquired in 2006 by the borrower, a local development/investment group, for $6 million....

Is peer-to-peer lending a good investment?

In this monthly series, we share recent questions about money and the answers provided by our experts on the Which? Money Helpline.

Our experts have taken a number of calls in the last month from people wanting to know whether peer-to-peer investment was a good idea.

Some callers had seen TV adverts for specific peer-to-peer lending companies and were interested in learning more about their credentials. 

Find out more: Call the Which? Money Helpline - your financial queries answered

Peer-to-peer lending 

Peer-to-peer lending websites match up savers directly with borrowers. Lenders can access better savings rates than they would be able to get from traditional lenders,...

No, Two-Thirds of Young People Aren’t Dying to Move to the Suburbs


Other research also contradicts the NAHBs finding that Millennials are pining to spend their days in the suburbs. A Nielsen survey of Millennials overall found that they are currently living in these urban areas at a higher rate than any other generation, and 40% say they would like to live in an urban area in the future.

Flawed conclusion: The preference for the suburbs suggests that future demand will be in the form of single-family homes rather than condominiums more prevalent in cities, David Berson, chief economist with Nationwide Insurance Co., told WSJ.

The key here is future demand, which...

Update On Amendments To The Personal Property Security Act (Ontario)

The Government of Ontario has proposed three significant amendments to the Personal Property Security Act (Ontario) (the PPSA) in recent years which have not yet been brought into force. The changes are: (1) to perfection of security interests in cash collateral; (2) to the conflict of laws provisions relating to the location of a business debtor; and (3) to replace the check-the-box system for collateral descriptions in financing statements.


In the 2012 and 2013 budgets, the Government of Ontario announced its intention to change the regime for perfecting a security interest in deposit accounts or other forms of cash collateral. However,...

Asset quality concerns continue for private banks

Analysts also point out that there are private lenders (like Federal Bank and South Indian Bank) that have not been able to stem credit quality deterioration last quarter. Besides, the country#39;s top two private banks ICICI Bank and HDFC Bank are yet to declare their third quarter earnings.

Account Control Technology Partners with Student Account Management …

"Through the delivery of communications and reminders directly to borrowers, SAMS 360 can effectively help our clients reduce the number of former students defaulting on education loans," states Lynn Heineman, Senior Vice President of Sales and Marketing at ACT. "Further, SAMS 360's work will help clients comply with federal regulations for maintaining low cohort default rates as well as meet 'enhanced financial counseling' requirements."

SAMS 360 helps student borrowers understand the loan repayment process through the use of an interactive website, a sophisticated analytics platform, targeted social and electronic media, and live counseling by knowledgeable agents. In partnership...

Coal Ministry: Lenders can seek removal of defaulting winners of coal blocks

To insulate lenders against possible default by companies borrowing funds for investing in coal blocks, the government has allowed them the right to seek substitution of a successful bidder. State-run and private lenders loaning money to winning bidders of coal blocks can seek their removal if they shy away from meeting their financial commitments.

As per the draft coal mine development and production agreement (CMPDA) announced on Friday, the lenders can serve a substitution notice to the coal ministry and name a company as the substitute to the existing successful bidder. The firm to be called a 'selectee company' will have to perform and fulfil the residual terms, conditions and covenants...

Guess who ranked No. 1 in the state for mortgages?

Okaloosa County ranked No. 1 as the best place to get a mortgage in Florida in a study conducted by SmartAsset, a website that offers financial advice and resources.

The ranking is based on factors including the likelihood of closing a mortgage application, the average cost of ownership over five years, property taxes and mortgage rates.

Property taxes in Okaloosa County were lower than eight of the 10 highest ranking counties, with only Monroe County having a lower average tax.

Neither Walton County nor Santa Rosa County made the list.

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